Starter homes are a perfect option! For first time home buyers in the Raleigh area, these houses are great assets that can grow in equity over a few years. Raleigh Cary Realty shares the growing popularity of these starter homes.
Why starter homes are growing in popularity:
- Rent prices: Many young professionals are turning into first time home buyers because they no longer want to move every time their apartment lease is up due to rent price hikes. Moving is expensive over time especially if it is occurring every 12-18 months due to potentially being priced out of that apartment complex or the area. Young homebuyers are then seeing if they can afford a starter home, and they may realize that they would save money by becoming homeowners.
- Young professionals: As young professionals, they may have been in the workforce for 5+ years and have a handle on their bill payments. They have saved their money along the way and may have created an investment portfolio. Homeownership is on their minds; especially if they are successful at their current job in that town or city.
- Kids: Some young married couples are focusing on their career first to have financial stability before having kids. Depending on their apartment and usage of space, they are considering moving out of their apartment into a starter home. This will allow them to grow together while also planting roots if they are both sustained well by their career and local economy.
A starter home is a great option to consider if planting roots in a town or city. When in search of your first home or starter home, contact the realtors at Raleigh Cary Realty. If you’re buying or selling, feel free to contact us and we will be happy to help with all your real estate needs!